Stablecoin

Cryptopia Exchange Will Restart NZDT Stablecoin

New Zealand Dollar Token (NZDT) cryptocurrency will be relaunched early 2019, reported by New Zealand Newsroom.

Cryptopia Exchange Will Restart NZDT Stablecoin

NZDT is the first stablecoin pegged to the New Zealand dollar. It was released in May 2017, after how investors have expressed a desire to use New Zealand banking institutions to buy and sell cryptocurrency.

The NZDT token was issued by the Cryptopia exchange, located in the New Zealand city of Christchurch, but after a while, the circulation of the cryptocurrency was suspended due to the fact that the ASB exchange bank began to worry about regulation and customer identification.

IN January 2018 The New Zealand Herald reported that the closure of Cryptopia’s ASB account came as a surprise for the exchange, which left it short on time for, to defend your position and provide accompanying documentation.

Cryptopia Exchange Will Restart NZDT Stablecoin

Cryptopia’s Business Development Manager Adam Lines told Newsroom that the NZDT “was assembled in just one evening” during a blockchain conference in 2017 year and was launched on the principle “it’s better to ask for forgiveness later than permission now”.

According to him, in just a few months, the total number of daily transactions of the NZDT token reached hundreds of thousands. As a result, the rapid rise in popularity raised concerns about ASB, which decided to halt the process in order to avoid negative mentions of its name in the media..

Cryptopia Exchange Will Restart NZDT Stablecoin

Layness noted that the exchange plans to restart NZDT in first quarter 2019 – after will agree on the provision of services with a more modest bank. He also said that interaction with regulators and officials was not hostile, since many of them expressed curiosity about restarting NZDT.

According to the expert on crypto-taxation Campbell Pentney, the presence of a transition point between the New Zealand dollar and the crypto-world can contribute to the fact that the inhabitants of the country will begin to invest their funds in various cryptocurrency projects.

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